Dr Dele Alake, the Minister of Solid Minerals Development, announced that the Nigeria Solid Minerals Corporation will revolutionise the mining sector in Nigeria and ensure sustainable development. This initiative is backed by 50% private sector equity, 25% from Nigerians, and 25% from the Federal Government.

During a meeting with British Deputy High Commissioner Jonny Baxter, Alake revealed that the corporation will be established under the Ministry of Finance Incorporation, following the model of Nigeria Liquefied Natural Gas. He asserted, “The Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference.”

Alake articulated the government’s strategy to enhance competitiveness and global recognition for the mining sector by developing transport infrastructure, improving regulations, and remediating abandoned mining sites. He also encouraged British investors to seize opportunities in Nigeria’s mining industry, citing international support as crucial for ongoing reform efforts.

Ambassador Baxter expressed support for the initiative, commending the government’s approach and affirming the UK’s commitment to strengthening Nigeria’s regulatory framework and promoting investment. He remarked on the significance of Nigeria’s economic progress for global prosperity and promised continued cooperation in mining.

The establishment of the Nigeria Solid Minerals Corporation is a major initiative aimed at revitalising Nigeria’s mining sector through a robust funding model involving various stakeholders. The corporation is designed to provide a stable platform free from political influence, fostering sustainable growth and competitiveness in the sector. The government is keen to attract domestic and international investments while modernising the regulatory framework to enhance performance and efficiency.

The announcement of the Nigeria Solid Minerals Corporation represents a significant move towards transforming Nigeria’s mining sector. With a well-structured funding model and an emphasis on sustainable practices, the government aims to create an investor-friendly environment. International support, particularly from the UK, will play a crucial role in achieving these ambitious objectives and ensuring long-term growth.

Original Source: punchng.com

The post Nigeria Solid Minerals Corporation to Revamp Mining Sector first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has proposed an equity distribution for the Nigeria Solid Minerals Corporation comprising 50% for the private sector, 25% for Nigerians, and 25% for the Federal Government. This plan has been approved by President Bola Tinubu and aims to enhance the sector’s development. Alake made this announcement during a meeting with the British Deputy High Commissioner to Nigeria, Jonny Baxter.

The proposed corporation will be managed by the Ministry of Finance Incorporated (MOFI) and follow the model of Nigeria Liquefied Natural Gas (NLNG). Alake expressed optimism that the Solid Minerals Corporation would set a precedent for political independence in the sector. The initiative also includes plans to improve transportation systems to mining sites using roads, rail, and waterways.

Looking towards 2025, Alake outlined government efforts to bolster Nigeria’s mining sector, including regulatory reforms and securing investor interests. Recent evaluations reveal that despite Nigeria’s vast mineral resources, the sector contributes less than 1% to the GDP due to issues like illegal practices and low investment.

Alake has also urged the National Assembly to reconsider the N9 billion budget allocation for mining, which he deems insufficient to realise the country’s mining potential. The committee has paused further budget screenings, inviting relevant ministers to discuss necessary funding increases to optimise the sector’s contributions to the economy.

The Nigeria Solid Minerals Corporation is a new initiative intended to enhance the mining sector’s contributions to the economy. Nigeria is currently the leading energy producer in Africa yet faces challenges in effectively utilising its mineral wealth, primarily due to inadequate incentives and environmental concerns. The Minister’s advocacy for a larger budget highlights the urgency to capitalise on these resources for economic development. Historically, Nigeria’s mining sector has underperformed, accounting for a mere fraction of the GDP despite its potential. The focus on 2025 as a transformative year indicates a strategic push to reposition the sector in a competitive global landscape, ensuring sustainable growth and investment viability.

Dr. Dele Alake’s proposal for the Nigeria Solid Minerals Corporation marks a significant step towards revitalising Nigeria’s mining sector. The equitable stake distribution aims to attract private investment while increasing local participation. Understanding the need for adequate budgetary allocations is crucial to unlocking the sector’s potential. Observations from the Minister indicate a long-term vision for sustainable growth and resistance to political interference.

Original Source: nairametrics.com

The post Nigeria’s Solid Minerals Corporation: A Shift Towards Private Investment first appeared on Nigerian Mining News.

Dr Dele Alake, the Minister of Solid Minerals Development, has announced that the Nigeria Solid Minerals Corporation will overhaul the mining sector, promoting sustainable development. Funded primarily through a 50% private sector equity, along with 25% from Nigerians and 25% from the Federal Government, this initiative aims to ensure the sector’s growth without political interference.

During a meeting with British Deputy High Commissioner Jonny Baxter, Alake outlined plans for a competitive mining industry, enhancing access to mining sites via improved transport systems and regulatory frameworks. He also highlighted the intention to remediate abandoned mines, protect investors, and expand exploration to draw significant players into the market.

Emphasising 2025 as a crucial year, Alake welcomed international support for Nigeria’s reform efforts. He noted positive economic indicators stemming from these changes and expressed optimism for future prosperity. Ambassador Baxter appreciated the model based on Nigeria Liquefied Natural Gas (NLNG) and assured continued UK support in strengthening Nigeria’s mining regulations and investment climate.

The establishment of the Nigeria Solid Minerals Corporation aims to restructure Nigeria’s mining sector, enhancing its sustainability and competitiveness. The funding model involves significant contributions from private sectors, national stakeholders, and the government, ensuring a balanced and collaborative approach to mining sector reforms. The initiative is set to prevent political interference and enhance investor confidence, setting a precedent for future governmental projects.

The formation of the Nigeria Solid Minerals Corporation is a strategic move towards modernising the mining sector, enabling private sector engagement and fostering sustainable practices. With strong backing from the government and international partners like the UK, the initiative seeks to improve operations, attract investment, and enhance Nigeria’s economic landscape in the coming years.

Original Source: punchng.com

The post Nigeria’s Solid Minerals Corporation Aims to Transform Mining Sector first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dr. Dele Alake, announced that the Nigeria Solid Minerals Corporation will transform the mining sector and support sustainable development. This information was relayed by Segun Tomori, the Minister’s Special Assistant on Media, during a meeting with UK Deputy High Commissioner Jonny Baxter.

The establishment of the Nigeria Solid Minerals Corporation aims to create a robust mining sector, drawing on the successful operation model of Nigeria Liquefied Natural Gas (NLNG). The corporation is expected to have a balanced equity structure involving private and public investment, encouraging active participation from local stakeholders and international partners.

The Nigeria Solid Minerals Corporation embodies the government’s commitment to sector reform, aiming for a competitive and recognised mining industry by 2025. Support from international partners, like the UK, plays a crucial role in this transformation, bringing technical expertise and investment opportunities to the region.

Original Source: von.gov.ng

The post Nigeria Solid Minerals Corporation Set to Transform Mining Sector first appeared on Nigerian Mining News.